China Shenhua Energy shares climb on Shanghai share plan

ChrisOliver

HONG KONG (MarketWatch) -- Hong Kong-listed shares of coal producer China Shenhua Energy Co. rose sharply Tuesday after the company said it is planning a Shanghai offering and intends to use proceeds from the listing to purchase assets from its parent. Shenhua Energy said in a statement it plans to issue 1.8 billion shares in Shanghai and purchase 3.33 billion yuan ($437.6 million) in assets from its parent. Shares of Shenhua Energy
1088, +1.08%
were up 6.2% at HK$29 ($3.82) in late Hong Kong trade Tuesday.

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